Binance Japan, the local branch of global crypto exchange Binance, has entered a capital and business partnership with PayPay Corporation. As part of the deal, PayPay has acquired a 40% equity stake in Binance Japan.
According to a press release shared with The Block on Thursday, the alliance aims to merge PayPay’s extensive 70 million-user payment network with Binance’s blockchain expertise. The collaboration seeks to bridge traditional digital payments and cryptocurrency transactions, allowing users to move seamlessly between fiat and crypto-based services.
PayPay, a subsidiary of SoftBank Corp., is one of Japan’s largest digital payment providers. Both companies plan to jointly develop products that integrate their technologies, enhancing how users experience digital payments and blockchain-based financial services.
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Binance Japan to Integrate PayPay Money for Crypto Transactions
As part of their new partnership, Binance Japan and PayPay plan to let users buy cryptocurrencies directly through “PayPay Money” within the Binance Japan app. The option will also allow users to choose “PayPay Money” when withdrawing proceeds from selling their crypto assets.
“By combining PayPay’s extensive user scale with Binance’s innovative technology, we will be able to make Web3 more accessible to people across the country and deliver secure, seamless digital assets services,”
Takeshi Chino, general manager for Binance Japan, said in the statement.
Binance Japan, which has been registered with the Kanto Local Finance Bureau as a crypto asset exchange operator, has offered spot trading and earn products since its official launch in August 2023.
